Monopolies and Trusts

This book deals with the Social Monopolies: patents, copyrights, etc.; Special privilege monopolies: those based on public and private favoritism and the Natural Monopolies: those arising form a limited supply of raw material, from properties inherent in the business and those arising from secrecy. Social monopolies are often called artificial monopolies, and in the author's previous works they are so called; but the term social monopolies appears to be a better term than artificial monopolies, because the work artificial carries with it a certain criticism, which anticipates the argument concerning their effects. It is preferable to discuss them hereafter and find out whether they are objectionable or not. The term natural monopolies is a convenient designation, and has become so widely accepted that it could not easily be changed. We may also have mixed monopolies, as where a political unit owns monopolistic property, which is managed by a private person, or where a private person owns monopolistic property, which is managed by a public agency."A highly valuable contribution to an important subject, ... the best piece of work that Professor Ely has yet done. ... In any case, all readers will be impressed by the perfect candor and scientific reserve which characterize the book." Professor Charles A. Bullock American Journal of Sociology"Suggestive, explicit, and, in a word, a capital text-book for the student or for the man of business" Chicago Tribune"It is admirable. It is the soundest contribution on the subject that has appeared" Prof. John R. Commons"By all odds the best written of Professor Ely's work." Prof. Simon N. Patten University of PennsylvaniaABOUT THE AUTHORRichard T. Ely (1854-1943) entered Dartmouth College and later Columbia University, where he graduated in 1876. He received his Ph.D. from the University of Heidelberg. In 1881 he was appointed to the chair of Political Economy at The Johns Hopkins University, which he retained until 1892 when he went to the University of Wisconsin as the first Director of the School of Economics, Political Science and History. He was the teacher and mentor of both John R. Commons and Wesley C. Mitchell.He was the author of numerous books and journal articles, and a founder of the American Economic Association (1885).Ely, Richard T. is the author of 'Monopolies and Trusts' with ISBN 9780898750928 and ISBN 089875092X.